NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Quant Explains How This Nasdaq Support Retest Could Also Help Reverse Bitcoin

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 2:31 pm
3 mins read
Bitcoin NASDAQ

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A quant has explained why the recent retest of a critical support level by Nasdaq may help Bitcoin reverse its own trend.

Nasdaq-100 Has Recently Retested A Critical Support Trendline

As pointed out by an analyst in a CryptoQuant post, Nasdaq-100 is currently above a support line that has historically been important.

Nasdaq-100 (NDX) is a stock market index that includes 102 equity securities issued by 101 of the largest non-financial companies (based on their market caps) listed on the Nasdaq stock exchange.

Here is a chart that shows how this trendline has acted as a bounce in the index’s price over the past decade:

NASDAQ Support Line Bitcoin

The value of the asset seems to have touched this line recently | Source: CryptoQuant

As you can see in the above graph, the price of NDX has been supported five times by this trendline since the year 2010. In each of these instances, the line has put a check on the decline in the index, and has consequently reversed it back up.

Related Reading

Bitcoin Price Ahead FOMC

Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot

1 year ago

Recently, the Nasdaq-100 index has once again made a touch of this trendline, and has so far managed to stay above it.

The quant notes that this retest could have been the end of the latest downwards trend, and might have also been the point of return of a bullish trend.

However, if the trendline is lost instead, it would show the extreme strength of the downtrend, and would suggest that there is more drawdown ahead for the market.

Related Reading

Bitcoin

Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet

1 year ago

At the same time, Bitcoin has also been testing a support line, as the analyst has highlighted in the chart:

Bitcoin Support

Looks like BTC is also just above a support trendline right now | Source: CryptoQuant

In the past year or so, Bitcoin has shown to be highly correlated with the stock market. The reason behind this correlation has been the rise of institutional investors in the crypto who treat it like a risk asset.

The quant believes that if the current support retest in the stock market proves to be successful, then BTC could also be expected to see a reversal of its own due to its correlation with the stocks.

Bitcoin Price

At the time of writing, Bitcoin’s price floats around $17.2k, up 1% in the last week. Over the past month, the crypto has lost 7% in value.

Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tweet123Share196ShareSend
Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Why The Bitcoin Price Crash Is Important If Wave 5 Corrects To $94,000

The recent Bitcoin price crash is not just another dip in the market, according to analysts; it could be one...

Scott Matherson 3 hours ago
Bitcoin

Bitcoin At Increased Risk Of Falling To $88,500 Support, Glassnode Warns

On-chain analytics firm Glassnode has revealed how Bitcoin could be at risk of a further drawdown after trading at a...

Keshav Verma 4 hours ago
ai-poker-strategy-algorithm-analysis-bet365-luckyblock-tgcasino

AI德州撲克攻略:演算法策略解析 Bet365、Lucky Block與TG Casino比較

在Bet365等國際線上賭場的推動下,德州撲克正在經歷一場深度技術革命。以往玩家依靠閱歷、心理判斷與賭桌經驗累積優勢,如今則以AI演算法、GTO 模型與數據推算成為主導力量。撲克的核心從「靠感覺」轉向...

newsbtc 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Is $XRP Ready for a New Rally? Plus, Find Out Why the Bitcoin Hyper Presale is Pumping Right Now.

Is $XRP Ready for a New Rally? Why the Bitcoin Hyper Presale Is Pumping Right Now

Aaron Walker 1 hour ago
리플, 40억 달러 규모 투자 행보 속 팔리세이드 인수…지갑 토큰 '$BEST' 급등 조짐

리플의 40억 달러 투자 행보, 팔리세이드 인수로 ‘지갑 전쟁’ 점화

Soyeon Lee 1 hour ago
LBank’s Czhang on AI, Tokenization, Security, and the Future of Crypto Exchanges

Inside LBank’s Vision: Czhang on AI, Security, and the Future of Crypto Exchanges

NewsBTC 1 hour ago

Premium Sponsors

Press Releases

  • 主要サポート割れで下落圧力強まる中、市場は次の転換点を探る

    イーサリアム...

    17 hours ago
  • ドージコイン 今後:イーロン・マスクが「DOGE-1」計画で月面へ――1ドル到達の引き金となるか

    ドージコイン...

    18 hours ago
  • リップル 今後:インド高裁がXRPを「財産」と認定、世界的な法的承認への道が開かれるか

    リップル...

    18 hours ago
  • 仮想通貨プレセール市場で快進撃:市場低迷の中でも勢いを維持する新世代L2プロジェクト

    ...

    18 hours ago
  • 仮想通貨おすすめ:ビットコイン反発とともに存在感を増す革新的L2トークン

    ...

    18 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.